In 2016, Hillary Clinton ran for president proposing $1 trillion in tax increases. Would President Trump’s blue-collar boom ever have gotten off the ground with such a back-breaking tax burden?
But now, four years later, former vice president Joe Biden thinks he has a better idea. In his third run for the White House, Biden is proposing tax increases of nearly $4 trillion over the next 10 years. If he wins in November and these increases were to pass, they’d be the highest in American history – indeed, in world history.
President Trump’s 2017 tax reform cut taxes for corporations, small businesses, blue-collar workers and the middle class. Since the 2016 election, employers have added 7 million new jobs and, until the COVID-19 pandemic this spring, Trump’s tax reform package created an economy that produced the lowest unemployment in American history for Blacks, Hispanics and Asians, along with increases in wages and middle-class incomes.
Are Biden’s proposed tax increases what America needs while our economy is still mired in the coronavirus downturn, and now beset by anti-police protests? What will happen to jobs under that farsighted “leadership”? How long until America’s economy could return to where it was at the beginning of 2020?
Biden proposes an outright repeal of Trump’s tax reform package, raising taxes on the middle class, blue-collar families and American corporations, large and small. Such tax increases would return America’s corporate tax rate to close to 40 percent, the highest in the world.
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